In May 2025, NVIDIA embarked on negotiations with three leading DRAM suppliers concerning their 2026 procurement plans. During that period, buyers wielded the pricing upper hand, as the initial unit price for HBM3e procurement in 2026 was set lower than that of 2025. Nevertheless, the memory market's supply-demand landscape underwent a dramatic shift in the third quarter of 2025.

Spurred by the burgeoning demand for AI-driven server deployments, cloud service providers (CSPs) ramped up their inventory accumulation and crafted comprehensive procurement strategies, resulting in widespread market shortages. In response, DRAM suppliers swiftly adjusted their pricing strategies upwards.

By the fourth quarter of 2025, the quarterly surge in contract prices for server DDR5 surpassed expectations, significantly closing the price gap with HBM3e. Concurrently, some suppliers reallocated their production capacities towards DDR5, thereby creating a more favorable environment for HBM3e price escalations.

In light of these developments, major buyers amplified their procurement volumes, and suppliers regained their pricing leverage. It is projected that the overall average selling price (ASP) of HBM3e will witness a modest uptick in 2026.